[WSBARP] life estate v right to use

[Craig Liebler]

#2…Whatever, must be supported by consideration. 

Craig L.

 

From: wsbarp-owner at lists.wsbarppt.com
[mailto:wsbarp-owner at lists.wsbarppt.com] On Behalf Of Cyrus Field
Sent: Thursday, March 20, 2014 1:55 PM
To: wsbarp at lists.wsbarppt.com
Subject: RE: [WSBARP] life estate v right to use

 

Folks- I am working on a rather complicated real estate transaction where,
among other things, the grantors want to reserve the exclusive right to
use part of the property for life. My plan was to draft an agreement
spelling out the rights/responsibilities of each party that would be
attached to the recorded deed. However, I am a little hung-up on what to
call the agreement. Since they aren’t reserving the right to use all of
the property it doesn’t seem like the typical “life estate” but rather a
reserved “right to use” (“easement”?).  In addition, although the sellers
are not concerned, I am also wary about calling it a “life estate” as it
could potentially be more easily liened by the state for LTC benefits
provided to grantors in the future. Thoughts? Words of caution? Thanks in
advance, Cy

 

Cyrus W. Field, Attorney at Law (admitted in Washington and Oregon)

phone: 360-472-1223 Mail: POB 367, Shaw Island, WA 98286 Office: 640
Mullis St. Friday Harbor, WA

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